As has been noted before, this deal for Morgan Stanley and the other 30 underwriters isn’t all about the fees. Instead, just like Facebook users themselves, getting in on this deal is about the likes and acknowledgment of being on the biggest IPO in years. (Sorry UBS, which has so far been left out.)

Still, if Facebook does raise the $10 billion it is expected to raise, that would be about $110 million in fees to split among the underwriters.

Speculation from one person familiar with the IPO said the top three banks, Morgan Stanley, J.P. Morgan and Goldman Sachs, could get about half of the total fees, with Morgan Stanley alone getting 25% to 30% and the others splitting what is left. Those banks had accounted for the majority of Facebook’s credit line.

That could mean between $27.5 million to $33 million for Morgan Stanley. Meanwhile, some 28 other banks would fight for a piece of some $55 million.

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